ELDEVE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 10-06-2026 PDF all 10 filings
Turnover
≈ €110,000
Estimated: probably between €97,000 and €140,000
EBIT margin
Not included in this filing
Net result
€58,845▼ 2.5%
2024 · €60,358
Working capital
-€72,243▼ 611%
2024 · -€10,164
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€81,734
▼ 1.2%
2025
20182025
Net result
€58,845
▼ 2.5%
2025
middle half of the sector
20182025
Equity
€142,470
▲ 6.6%
2025
lowest quarter of the sector
20182025
Total assets
€508,837
▲ 13.3%
2025
lowest quarter of the sector
20182025
Debt
€366,367
▲ 16.1%
2025
20182025
Working capital
-€72,243
▼ 611%
2025
middle half of the sector
20182025
Solvency
28.0%
▼ 1.8pp
2025
middle half of the sector
20182025
Current ratio
0.41
▼ 0.39
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
11.6%
▼ 1.9pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€46,853-€43,694▼ 6.7%€43,280▼ 0.9%€45,271▲ 4.6%€59,379▲ 31.2%€64,372▲ 8.4%€82,709▲ 28.5%€81,734▼ 1.2%
Net result€26,472-€37,885▲ 43.1%€36,063within the sector's middle half▼ 4.8%€32,033within the sector's middle half▼ 11.2%€42,355within the sector's middle half▲ 32.2%€46,571within the sector's middle half▲ 10.0%€60,358within the sector's middle half▲ 29.6%€58,845within the sector's middle half▼ 2.5%
Equity€37,535-€75,419▲ 101%€111,482within the sector's middle half▲ 47.8%€94,341within the sector's middle half▼ 15.4%€106,696within the sector's middle half▲ 13.1%€73,267within the sector's middle half▼ 31.3%€133,625within the sector's middle half▲ 82.4%€142,470below the sector's middle half▲ 6.6%
Total assets€623,948-€659,614▲ 5.7%€477,540below the sector's middle half▼ 27.6%€439,879below the sector's middle half▼ 7.9%€463,356below the sector's middle half▲ 5.3%€452,806below the sector's middle half▼ 2.3%€449,102below the sector's middle half▼ 0.8%€508,837below the sector's middle half▲ 13.3%
Debt€586,414-€584,195▼ 0.4%€366,058▼ 37.3%€345,538▼ 5.6%€356,660▲ 3.2%€379,538▲ 6.4%€315,477▼ 16.9%€366,367▲ 16.1%
Working capital€30,964-€51,095▲ 65.0%€60,576within the sector's middle half▲ 18.6%€15,683within the sector's middle half▼ 74.1%€3,218within the sector's middle half▼ 79.5%-€49,751within the sector's middle half-€10,164within the sector's middle half▲ 79.6%-€72,243within the sector's middle half▼ 611%
Solvency6.0%-11.4%▲ 5.4pp23.3%within the sector's middle half▲ 11.9pp21.4%within the sector's middle half▼ 1.9pp23.0%within the sector's middle half▲ 1.6pp16.2%within the sector's middle half▼ 6.8pp29.8%within the sector's middle half▲ 13.6pp28.0%within the sector's middle half▼ 1.8pp
Current ratio1.16-1.25▲ 0.084.65above the sector's middle half▲ 3.401.92within the sector's middle half▼ 2.731.07within the sector's middle half▼ 0.850.47within the sector's middle half▼ 0.600.80within the sector's middle half▲ 0.330.41below the sector's middle half▼ 0.39
Return on assets (ROA)4.2%-5.7%▲ 1.5pp7.6%above the sector's middle half▲ 1.8pp7.3%above the sector's middle half▼ 0.3pp9.1%above the sector's middle half▲ 1.9pp10.3%above the sector's middle half▲ 1.1pp13.4%above the sector's middle half▲ 3.2pp11.6%above the sector's middle half▼ 1.9pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 1% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €508,837
Fixed assets
€458,717 ▲ 12.4%
Current assets
€50,119 ▲ 22.5%
Equity and liabilities €508,837
Equity
€142,470 ▲ 6.6%
Debt
€366,367 ▲ 16.1%
Debt's share of the balance-sheet total rises from 70.2% to 72.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€87,036▲
2024 · €84,522
Cash flow
€64,146▲
2024 · €62,171
Debt to equity
2.57▲
2024 · 2.36
ROE
41.3%▼
2024 · 45.2%
Interest coverage
26.58▼
2024 · 38.13
Debt ≤ 1 year
€122,362▲
2024 · €51,075
Debt > 1 year
€50,594▼
2024 · €57,238
Income taxes
€19,615▼
2024 · €20,134
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €82,276 | €76,240 | €70,057 | €63,725 | €57,238 |
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | €375,000 | €375,000 | €375,000 | €375,000 | €375,000 |
| Carrying value of the mortgaged assets | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,037 | €4,809 | - | €1,098 | €55,827 |
| Depreciation and write-downs of the year | €321 | €1,171 | €1,792 | €1,813 | €5,302 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €14 | €321 | €0.001m | €0.002m | €0.002m | €0.005m | ▲ 192% |
| Other operating charges640/8 | - | - | - | €25 | €35 | €35 | €35 | €45 | ▲ 28.6% |
| Gross operating margin9900 | €1.7m | €0.06m | €0.04m | €0.05m | €0.06m | €0.07m | €0.08m | €0.09m | ▲ 3.0% |
| Operating profit (loss)9901 | €0.05m | €0.04m | €0.04m | €0.05m | €0.06m | €0.06m | €0.08m | €0.08m | ▼ 1.2% |
| Recurring financial income75 | €360 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.003m | €0.002m | €0.002m | €0.002m | €0.003m | ▲ 47.7% |
| Recurring financial charges65 | €0.02m | €0.006m | €0.003m | €0.003m | €0.002m | €0.002m | €0.002m | €0.003m | ▲ 47.7% |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.04m | €0.04m | €0.04m | €0.06m | €0.06m | €0.08m | €0.08m | ▼ 2.5% |
| Income taxes67/77 | - | - | €0.004m | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 2.6% |
| Profit (loss) for the period9904 | €0.03m | €0.04m | €0.04m | €0.03m | €0.04m | €0.05m | €0.06m | €0.06m | ▼ 2.5% |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.04m | €0.04m | €0.03m | €0.04m | €0.05m | €0.06m | €0.06m | ▼ 2.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €623,948 | €659,614 | €477,540 | €439,879 | €463,356 | €452,806 | €449,102 | €508,837 | ▲ 13.3% |
| Fixed assets21/28 | €400,000 | €400,000 | €400,346 | €407,062 | €410,700 | €408,908 | €408,192 | €458,717 | ▲ 12.4% |
| Tangible fixed assets22/27 | €400,000 | €400,000 | €400,346 | €407,062 | €410,700 | €408,908 | €408,192 | €458,717 | ▲ 12.4% |
| Plant, machinery and equipment23 | - | - | - | €7,062 | €10,700 | €8,908 | €8,192 | €58,717 | ▲ 617% |
| Other tangible fixed assets26 | - | - | - | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 | = |
| Current assets29/58 | €223,948 | €259,614 | €77,194 | €32,817 | €52,657 | €43,898 | €40,911 | €50,119 | ▲ 22.5% |
| Amounts receivable within one year40/41 | €157,051 | €235,605 | €9,666 | €7,278 | €12,778 | - | €69 | €517 | ▲ 650% |
| Trade receivables40 | - | - | - | €7,194 | €12,778 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €84 | - | - | €69 | €517 | ▲ 650% |
| Cash at bank and in hand54/58 | €20,460 | €21,840 | €65,294 | €25,539 | €37,265 | €43,898 | €40,842 | €49,602 | ▲ 21.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,614 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €623,948 | €659,614 | €477,540 | €439,879 | €463,356 | €452,806 | €449,102 | €508,837 | ▲ 13.3% |
| Equity10/15 | €37,535 | €75,419 | €111,482 | €94,341 | €106,696 | €73,267 | €133,625 | €142,470 | ▲ 6.6% |
| Contributions10/11 | €100,000 | €100,000 | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | - | - | - | €2,000 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Legal reserve130 | - | - | - | €2,000 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Profit (loss) carried forward14 | -€62,465 | -€24,581 | €11,482 | €30,841 | €39,046 | €5,617 | €65,975 | €74,820 | ▲ 13.4% |
| Amounts payable17/49 | €586,414 | €584,195 | €366,058 | €345,538 | €356,660 | €379,538 | €315,477 | €366,367 | ▲ 16.1% |
| Amounts payable after more than one year17 | €93,922 | €88,169 | €82,276 | €76,240 | €70,057 | €63,725 | €57,238 | €50,594 | ▼ 11.6% |
| Financial debts170/4 | - | - | - | €76,240 | €70,057 | €63,725 | €57,238 | €50,594 | ▼ 11.6% |
| Amounts payable within one year42/48 | €192,985 | €208,519 | €16,618 | €17,134 | €49,438 | €93,649 | €51,075 | €122,362 | ▲ 140% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,036 | €6,183 | €6,333 | €6,487 | €6,644 | ▲ 2.4% |
| Trade debts44 | €37,368 | €52,766 | €6,560 | €10,420 | €6,496 | €6,793 | €5,454 | €6,103 | ▲ 11.9% |
| Suppliers440/4 | - | - | - | €10,420 | €6,496 | €6,793 | €5,454 | €6,103 | ▲ 11.9% |
| Taxes, remuneration and social security45 | - | - | - | €678 | €6,760 | €524 | €5,134 | €4,615 | ▼ 10.1% |
| Taxes450/3 | - | - | - | €678 | €6,760 | €524 | €5,134 | €4,615 | ▼ 10.1% |
| Other amounts payable47/48 | - | - | - | - | €30,000 | €80,000 | €34,000 | €105,000 | ▲ 209% |
| Accrued charges and deferred income492/3 | - | - | - | €252,164 | €237,164 | €222,164 | €207,164 | €193,411 | ▼ 6.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,472 | €37,885 | €36,063 | €32,033 | €42,355 | €46,571 | €60,358 | €58,845 | ▼ 2.5% |
| + Depreciation and write-downs630 | - | - | €14 | €321 | €1,171 | €1,792 | €1,813 | €5,302 | ▲ 192% |
| Operating cash flow (approximation) | €26,472 | €37,885 | €36,077 | €32,355 | €43,526 | €48,363 | €62,171 | €64,146 | ▲ 3.2% |
| Investment in fixed assets (approximation) | - | €0 | -€360 | -€7,037 | -€4,809 | €0 | -€1,098 | -€55,827 | ▼ 4,986% |
| Change in cash | - | €1,380 | €43,454 | -€39,755 | €11,726 | €6,633 | -€3,057 | €8,761 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,609 companies had the same profile as ELDEVE has now. Two years later, 96.8% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.8%
was still going
2.1%
stopped otherwise
1.0%
went bankrupt
That fits the bankruptcy probability of ELDEVE itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,609 companies, not a prediction for ELDEVE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 10-06-2026 | 2026-00157636 | |
| 31-12-2024 | full format | 16-06-2025 | 2025-00149860 | |
| 31-12-2023 | full format | 12-06-2024 | 2024-00134564 | |
| 31-12-2022 | full format | 15-06-2023 | 2023-00137373 | |
| 31-12-2021 | full format | 07-06-2022 | 2022-20053970 | |
| 31-12-2020 | full format | 08-06-2021 | 2021-18300117 | |
| 31-12-2019 | full format | 26-06-2020 | 2020-22600498 | |
| 31-12-2018 | full format | 14-06-2019 | 2019-19100383 | |
| 31-12-2017 | full format | 12-06-2018 | 2018-18200094 | |
| 31-12-2016 | full format | 22-06-2017 | 2017-19800558 |